READ MOREThe government also trimmed its outlook for domestic corn production in its monthly supply and demand report, with yields from the ongoing harvest coming in below expectations.
USDA forecast 2018/19 U.S. soybean production at 4.600 billion bushels, down from its previous estimate of 4.690 billion bushels. It also lowered its average soybean yield estimate to 52.1 bushels per acre compared with 53.1 bushels per acre a month ago.
Despite the cuts, the soybean harvest and yield forecasts would still be the biggest ever, if realized.
USDA boosted its estimate of 2018/19 soybean ending stocks, which had already been projected at a record high, to 955 million bushels, topping the average estimate of 898 million bushels. It slashed its export outlook for the current marketing year to 1.900 billion bushels from 2.060 billion bushels. ■